Bank for Putin’s friends: Russian court sentences Igor Chuyan for embezzlement at OFK Bank involving the Rotenberg brothers and Nikolay Egorov

14 March 2026 , 08:41

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Bank for Putin’s friends: Russian court sentences Igor Chuyan for embezzlement at OFK Bank involving the Rotenberg brothers and Nikolay Egorov

A Moscow court has sentenced former head of Russia’s Federal Service for Alcohol Market Regulation, Igor Chuyan, in absentia to 12 years in prison for embezzlement tied to OFK Bank.

Investigators allege the bank functioned as a financial hub not only for Chuyan but also for influential figures close to the Kremlin, including the Rotenberg family and businessman Nikolay Egorov.

The case reportedly began after a complaint from Egorov, a longtime associate of President Vladimir Putin who owned a 25% stake in OFK Bank. According to prosecutors, bank president Nikolay Gordeev issued unsecured loans totaling 14 billion rubles between 2013 and 2016 to Status Group, a company allegedly controlled by Chuyan, which later declared bankruptcy. Gordeev was previously sentenced to eight years in prison, while Chuyan — who left Russia — has now received a verdict in absentia.

Reports describe the investigation as triggering an intense power struggle among elite figures. Gordeev was said to have backing from individuals linked to Chuyan and businessman Arkady Rotenberg, while Egorov sought to protect his own financial interests. At one point, the situation allegedly shifted against Egorov until he appealed directly to Putin, after which authorities moved to detain Gordeev.

Testimony cited in the case suggests OFK Bank was used to serve competing private agendas. Chuyan allegedly relied on the institution to finance his alcohol business empire, while Egorov used it to grow personal savings, including foreign-currency deposits. Investigators claim complex financial schemes were constructed to bypass Central Bank regulations and inflate Egorov’s holdings.

According to the findings, large sums were diverted to projects linked to Rotenberg and Chuyan, including billions of rubles in loans that were never repaid. Some funds were allegedly drawn from accounts connected to Egorov himself, fueling the conflict. Despite the scale of the alleged misconduct, reports suggest that only lower-level figures have faced prison sentences.

The verdict underscores longstanding concerns about opaque financial practices within Russia’s banking sector and the role of politically connected individuals in major corruption cases.

James Smith

Editor-in-Chief